September 23, 2008 North American Tungsten Corporation Ltd. Closes US$3,000,000 Convertible Debenture
NORTH AMERICAN TUNGSTEN CORPORATION LTD. ("NTC" or the "Company") has closed its previously announced (see News Release - September 16, 2008) US$3,000,000 Convertible Debenture financing for a one year term with two placees. The Convertible Debenture bears interest at 8% per annum, payable quarterly and is convertible (principal and unpaid interest) into common shares of the Company at Cdn $1.00 per share expiring September 22, 2009. The conversion rate of $US to Cdn is fixed at US$0.94 for the term resulting in a maximum conversion ratio of 1067 common shares for every US$1000. The proceeds will be used for exploration and development of the MacTung Project, CanTung Mine and general corporate purposes. The securities issued under this placement are subject to a four month hold period pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange that expires on January 23, 2009.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen M. Leahy
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
INVESTOR CONTACT: Toni Williamson,
Vancouver Office: +1.604.684.5300 Fax: +1.604.684.2992 Toronto Office: +1.416.602.2665
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
You can view the Next News Releases item: Wed Oct 15, 2008, North American Tungsten Cancels Private Placement And Strategic Agreement With Hunan Nonferrous Metals Corporation
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